Ingersoll Rand (NYSE:IR) Shares Gap Down to $92.85

Ingersoll Rand Inc. (NYSE:IR)’s share price gapped down prior to trading on Friday . The stock had previously closed at $92.85, but opened at $88.00. Ingersoll Rand shares last traded at $86.17, with a volume of 1,673,530 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have commented on IR shares. Citigroup boosted their price target on shares of Ingersoll Rand from $105.00 to $112.00 and gave the company a “buy” rating in a research note on Monday, April 8th. Evercore ISI cut shares of Ingersoll Rand from an “outperform” rating to an “in-line” rating and raised their price target for the company from $81.00 to $89.00 in a research report on Tuesday, February 20th. Wells Fargo & Company lifted their price target on Ingersoll Rand from $83.00 to $100.00 and gave the company an “overweight” rating in a research note on Tuesday, February 20th. Cfra increased their price objective on Ingersoll Rand from $68.00 to $85.00 and gave the stock a “hold” rating in a research note on Friday, February 16th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $102.00 target price on shares of Ingersoll Rand in a research report on Tuesday, March 26th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Ingersoll Rand presently has a consensus rating of “Moderate Buy” and a consensus price target of $92.73.

Ingersoll Rand Price Performance

The stock has a market cap of $34.99 billion, a P/E ratio of 43.14, a P/E/G ratio of 3.23 and a beta of 1.40. The business has a 50 day simple moving average of $91.96 and a 200-day simple moving average of $80.58. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.67 and a current ratio of 2.22.

Ingersoll Rand (NYSE:IR) last posted its quarterly earnings results on Thursday, February 15th. The industrial products company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.09. The company had revenue of $1.82 billion during the quarter, compared to analyst estimates of $1.76 billion. Ingersoll Rand had a net margin of 11.85% and a return on equity of 12.66%. On average, sell-side analysts forecast that Ingersoll Rand Inc. will post 3.1 EPS for the current year.

Ingersoll Rand Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Investors of record on Thursday, May 16th will be paid a $0.02 dividend. The ex-dividend date is Wednesday, May 15th. This represents a $0.08 annualized dividend and a yield of 0.09%. Ingersoll Rand’s payout ratio is 3.98%.

Ingersoll Rand announced that its board has initiated a share buyback program on Thursday, April 25th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the industrial products company to purchase up to 2.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Ingersoll Rand news, CAO Michael J. Scheske sold 7,590 shares of the company’s stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $88.00, for a total transaction of $667,920.00. Following the sale, the chief accounting officer now directly owns 9,715 shares of the company’s stock, valued at $854,920. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Michael J. Scheske sold 7,590 shares of Ingersoll Rand stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $88.00, for a total value of $667,920.00. Following the completion of the transaction, the chief accounting officer now directly owns 9,715 shares in the company, valued at $854,920. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Andrew R. Schiesl sold 35,000 shares of the company’s stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $89.46, for a total value of $3,131,100.00. Following the sale, the insider now owns 16,525 shares in the company, valued at $1,478,326.50. The disclosure for this sale can be found here. Insiders have sold 293,011 shares of company stock valued at $26,374,789 in the last 90 days. Insiders own 0.83% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Riverview Trust Co bought a new stake in shares of Ingersoll Rand during the 1st quarter valued at about $29,000. ANTIPODES PARTNERS Ltd bought a new stake in Ingersoll Rand during the fourth quarter valued at approximately $27,000. Kapitalo Investimentos Ltda purchased a new position in Ingersoll Rand in the 4th quarter worth approximately $28,000. Scarborough Advisors LLC purchased a new position in Ingersoll Rand in the 4th quarter worth approximately $32,000. Finally, OFI Invest Asset Management purchased a new stake in shares of Ingersoll Rand during the 3rd quarter valued at $25,000. 95.27% of the stock is owned by institutional investors.

Ingersoll Rand Company Profile

Ingersoll Rand Inc provides various mission-critical air, gas, liquid, and solid flow creation technologies services and solutions worldwide. It operates through two segments, Industrial Technologies and Services, and Precision and Science Technologies. The Industrial Technologies and Services segment designs, manufactures, markets, and services air and gas compression, vacuum, and blower products; fluid transfer equipment and loading systems; and power tools and lifting equipment, including associated aftermarket parts, consumables, air treatment equipment, controls, other accessories, and services under the under the Ingersoll Rand, Gardner Denver, Nash, CompAir, Elmo Rietschle brands, etc.